DeFi averaging 59 while L1s sit at 47 and DePIN at 43 is the allocator filter hiding in the scorecard. Meteora/Jito/Raydium can hand a PM reports, buyback mechanics and KPI surfaces; a lot of bigger tokens still force diligence through Discord archaeology and vibes. If ETF-era capital keeps moving down the risk curve, IR becomes market structure: better disclosure lowers the underwriting tax before fundamentals even get debated.

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